Painting a Belt with Metal Studs

I have this belt I've worn a hundred times or more, and I've decided I don't really like the shiny metal studs on it anymore. I'm thinking I'll paint all the studs black to look like this belt I saw in the stores once.
But, before I potentially ruin the belt I figured I'd ask, would it be better to paint the whole thing with black spray paint, or should I just use black nail polish? I want the studs to still be shiny so I figured nail polish, but I don't know how well it'll stay on metal. The studs on the belt are those little metal pyramid studs. Any alternate ideas would be great too.

I'd use the black nail polish, or maybe a craft paint specifically made for metal. But black nail polish rather than spraypaint, definitely, b/c the spraypaint will probably flake all over you the more the belt bends.

Hope that helps.

All paint will chip over time.
The only way to get around this is to use a chemical that will dye the surface layer of the metal to a dark grey.
It is called blueing, but actually gives a dark metallic finish close to black. It's commonly used to stain repairs and new parts on guns and rifles but has some use for fashion samples.
You can get it in gun stores and outdoors places.
Should run about $5 a bottle. Be careful though as it will stain leather or anything else it touches.
Might be best to remove the studs first.

I think I know what you're talking about, because my dad has a lot of hunting rifles, and I've seen it used before. (Though I can't remember what its called.) We probably have some of that stuff on hand actually, I'll have to ask. Anyway, thanks for the info. I would never have thought of using that.